Sinotrans sees revenue from freight forwarding fall 15.5pc
Sinotrans Limited, the freight forwarding and logistics arm of state-owned Sinotrans & CSC, reported a 43 per cent year-on-year rise in first-half net profit to 644 million yuan (HK$811 million).
Revenue declined 12 per cent to 21 billion yuan, with revenue from its main freight-forwarding business dropping 15.5 per cent.
The company attributed the decrease in revenue to the shift to value-added tax from business tax on the mainland. But profit from joint ventures and associates, which rose 67 per cent to 434 million yuan, helped lifted the company’s bottom line.
The company sold its marine transportation business to its parent group earlier this year, pledging to focus in the future on freight forwarding, logistics, storage and terminal services.